My invoice is 121 AUD, including $11 as a GST. After a 2.66 SquareUp fee, I received $118.34. How do I reconcile this in QuickBooks? Should I create separate entries?

Hey there, Emi! I'm glad to see the progress you're making with your invoicing. It’s critical to running a smooth operation, and you’re definitely on the right path. Let’s dive into how we can reconcile your QuickBooks Online (QBO) transactions to align everything perfectly.

Follow these steps:

Receive Payment

First, we’ll record the payment and move it to the Undeposited Funds. Here’s how to do it:

1. Navigate to your invoice and select the Receive Payment button.
2. Fill in the necessary details and choose Undeposited funds from the Deposit to dropdown.
3. Once everything looks good, click Save.

Bank Deposit

Next, we’ll create a deposit reflecting the payment received after deducting the SquareUp bank fee. Here's how:

1. Click the +New button and select Bank Deposit.
2. Choose the invoice payment you just recorded and include it in the deposit.
3. In the Add funds to this deposit section, pick Bank charges (Expense) as the account.
4. Enter the fee as a negative amount.
5. Finally, hit Save.

After you've completed these steps, remember to match the deposit with your bank transactions to ensure accuracy and avoid duplicates.

In case you need more guidance on reconciling your accounts, check out this article: Reconcile an account in QuickBooks Online.

Don't hesitate to circle back if you have any questions or anything else you'd like to discuss. I’m always here to support you. Take care!